Weekly Market Wrap: Nigerian All-Share Index stages 0.66% correction, closes positive as banking stocks shine 

This increase reflects a weekly gain of 0.66%, as the index advanced from the prior week’s closing of 104,962.96 to 105,660.64, successfully returning above the crucial 105,000 level it had slipped from.

Trading activity rose by 4.96%, with the volume of shares exchanged increasing from 2.9 billion to 3 billion shares.

This increase in trading activity, combined with favourable price movements, elevated the market capitalization from N65.8 trillion to N66.2 trillion, surpassing the N66 trillion threshold.

During the week, 43 stocks appreciated, an improvement compared to the 32 that experienced gains the prior week.

Conversely, 36 equities saw price declines, a decrease from the 48 that fell in the week before.

The Nigerian stock market demonstrated a commendable recovery back to the 105,000 level, with most sectors, apart from the Oil and Gas index, concluding the week in positive territory.

The All-Share Index started the week strongly, showcasing significant gains on Monday and a slight increase on Tuesday.

However, momentum waned on Wednesday and Thursday, resulting in minor declines, before Friday’s trading concluded on a positive note.

Leading the charge among gainers was MUTUAL BENEFITS ASSURANCE PLC, which climbed by 56.72% week-to-date, followed by SUNU ASSURANCES NIGERIA PLC at 33.27%. Other notable gainers included:

On the losers’ table was AFRICA PRUDENTIAL PLC, which declined by 60.45% week-to-date, followed by CWG PLC at 11.11%. Other notable losers included:

This week brought several significant corporate disclosures, especially regarding financial results.

The All-Share Index appears to be undergoing a correction as it rises above the 105,000-mark, from which it had previously declined.